QuickBooks has released payroll update 21301. This update contains the 2012 Form 940 and 2012 Form W-3 and W-2 information needed to process your yearend tax reports. It also contains a new payroll item called Medicare Employee Addl Tax which is required for 2013.
As you have probably heard this additional Medicare tax is on employees earning over $200,000 per year; however, in order for QuickBooks to track it properly and take the worry out of managing the process, you need to set it up for all employees. QuickBooks has produced the attached guide with step-by-step instructions and screen shots to assist in this process. It is very well done and while it is 15 pages it is exactly the information you need. That said; if you would prefer to have me assist you in the process, please don’t hesitate to contact me. I will be happy to set up a Turbo Meeting or walk you through the process over the phone.MedicareAddl_UserGuide
Please also remember that many states update State Unemployment Rates the first of the year and this information should be updated in your QuickBooks payroll item prior to processing 2013 payrolls.
At JamisonMoneyFarmer PC we provide cradle-to-grave payroll support and everything in between. If you would like to take payroll off your list, give me a call to see what services might fit your situation.